There is a £250 arrangement fee and a £999 completion fee.
Andy Young, chief executive at TBMC, said: “We are delighted to offer this great new exclusive product with Hinckley & Rugby, which is an extremely competitive buy-to-let mortgage in the 60% LTV bracket.
"The low initial rate and flat fees should make this product very attractive to brokers and their landlord clients looking to purchase or remortgage rental properties.
"The product also has a free valuation and no early repayment charges, thereby reducing upfront costs and making remortgaging in the future straightforward.”
Gill Vernau, responsible for intermediary development at Hinckley & Rugby, added: “2011 was a good year for buy-to-let with marked improvements in the marketplace.
"We are expecting 2012 to offer further opportunities and have been working with TBMC to develop our buy-to-let mortgage proposition.
"Hinckley & Rugby is currently looking to increase business for loans up to 60% LTV and this product has been specifically designed to meet the needs of landlords with higher deposits. We anticipate this being a popular product that will drive good levels of new applications.”
